IGI Fund Limited (IGIFL), the asset management arm of the IGI Financial Services and Packages Group, announced bonus distribution for its open-end fund, the IGI Income Fund. Launched in April 2007 with a Pre-IPO investment of Rs 1,125 million, the net assets of the IGI Income Fund were Rs 1,677 million as of June 30.
According to a press release here on Friday, the Net Asset Value per unit of IGI Income Fund has grown from Rs 100 (since IPO - April 14, 2007) to Rs 102.04 at the end of FY07. This translates into an annualised return of 9.67 percent during the period April 14 to June 30.
The benchmark for IGI Income Fund was the one-month KIBOR, which averaged at 9.40 percent during the period under review. The announcement bonus distribution represents 97 percent of the fund income and corresponds to 1.944 bonus units per 100 units for investors of the IGI Income Fund.
IGIFL plans to launch a spectrum of mutual funds intended for the institutional as well as retail client base. The guiding premise for IGIFL's business growth model is providing investment solutions and products designed to address expressed investors needs.
Since establishment, IGIFL has developed operational and technical capabilities at an expedited pace. The company has also developed a comprehensive client relationship module developed and implemented company wide, with automated tracking and follow-up support. IGIFL is in the process of launching the IGI Stock Fund, which shall be open for public subscription in the near future.-PR
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